Sample Essay
Rolex is a luxury item and a sale of Rolex establishes a long time customer who essentially becomes an extended relation of the Rolex SA Company. As a result it is paramount to manage this relation to mutually benefit the customer as well as the company. The current Rolex club members and customers are the elite few who own the Original Rolex timepieces and enjoy the privileges and attributes it provides. The same strategy can be extended in the new marketing strategy as well where the current customers are retained while new ones are acquired through the incorporated of the technology and innovative element to the design and the attributes of Rolex as well as the services extended to the customers.
Rolex is an established brand name in the luxury watch industry which is the market leader internationally for luxury time pieces. The recession and the changing external environments whoever are having a profound impact on the Rolex SA by reducing the demand and the number of sales of the Rolex items in the recent years. While the target market of Rolex is very selective and high end, this market is also depicting decrease in consumption of the products due to the recession and the changing demands/time piece requirements of the consumers in the markets. As a result and adjusted marketing plan for the Rolex is devised which targets that threats being faced by the company? The main strategy is to use alternative technology oriented channels of marketing as well while incorporating new elements, attributes and materials in the manufacture of the Rolex to make them more appealing to the target market. The price aspect of the product however has not been changed as it reflects the brand value and can have a negative impact on the current consumers/ buyers of the Rolex products. Instead a new approach towards marketing and management of the customers as an extension of the sale itself has been proposed.
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